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HindustanTimes Sun,20 Apr 2014

EID Parry buys out Cargill from JV

HT Correspondent, Hindustan Times  Mumbai, December 14, 2012
First Published: 23:34 IST(14/12/2012) | Last Updated: 23:36 IST(14/12/2012)

Sugar producer EID Parry India, a Rs. 3,883-crore company, on Friday said it has bought out Cargill, its partner's stake from the joint venture, Silkroad Sugar Private Ltd (SSPL) for Rs. 36 crore.

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Earlier EID Parry held 50% equity and Cargill Asia Pacific Holdings Pte held 49% stake in the joint venture, while another group held the rest.

Post the acquisition, EID Parry's stake in the venture has gone up to 99%. 

The joint venture has a plant at Kakinada in Andhra Pradesh, with 2,000-tonne crushing capacity per day. "With this acquisition, the equity holding of EID-Parry (India) Ltd would increase to 99% and SSPL would become a subsidiary of EID-Parry (India) Ltd," the company said in a statement to the Bombay Stock Exchange (BSE).

The company plans to convert the plant into a coal-fired one. However, it would take some time for the plant to become operational since a coal-fired boiler that has to be put up at the plant.

EID Parry's share price fell by 1.3% to close at R223 on the BSE on Friday.

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